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3. Whether There Was Any Security or Collateral for
the September 1982 Note and the October 1982 Note
Petitioner transferred $100,000 to each of her sons to
assist them in connection with their respective acquisitions of
real property.11 Neither the September 1982 note signed by
Stephen nor the October 1982 note signed by Robert was secured by
the real property each acquired. Indeed, petitioner never even
asked Stephen and Robert to secure their respective notes by that
real property or by any other collateral. See, e.g., Estate of
Musgrove v. United States, supra at 664.
4. Whether There Was a Fixed Maturity Date for the
September 1982 Note and the October 1982 Note
The September 1982 note signed by Stephen stated that he was
to pay petitioner $100,000 on demand or on September 14, 1985, if
no demand was made. At the time Stephen signed the September
1982 note, petitioner believed that the date on which he was to
pay her the principal amount was open, and she did not consider
the September 14, 1985 date stated in that note to be a fixed
date on which Stephen was in all events to pay her the principal
amount. Furthermore, at that time, she had no intention of
demanding payment on September 14, 1985, or on any other date,
11 Petitioner transferred $100,000 to Stephen in order to assist
him in satisfying in 1982 a mortgage of approximately $56,000
that he and his wife assumed at the time that they purchased a
house in 1980. Neither petitioner nor Stephen explained why she
transferred $100,000 to him when he needed only about $56,000 to
satisfy that mortgage.
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